Atlassian (NASDAQ:TEAM) Shares Gap Up on Analyst Upgrade

Atlassian Co. (NASDAQ:TEAM) shares gapped up prior to trading on Friday after Wells Fargo & Company raised their price target on the stock from $250.00 to $300.00. The stock had previously closed at $188.54, but opened at $225.45. Wells Fargo & Company currently has an overweight rating on the stock. Atlassian shares last traded at $215.66, with a volume of 2,205,672 shares trading hands.

Other equities research analysts have also recently issued research reports about the company. JMP Securities raised Atlassian to a “hold” rating in a research note on Friday, August 2nd. Canaccord Genuity Group boosted their price target on shares of Atlassian from $225.00 to $255.00 and gave the company a “buy” rating in a research note on Friday. UBS Group raised their price objective on shares of Atlassian from $180.00 to $205.00 and gave the company a “neutral” rating in a research note on Tuesday, October 22nd. BMO Capital Markets lifted their price objective on shares of Atlassian from $177.00 to $255.00 and gave the company a “market perform” rating in a report on Friday. Finally, Jefferies Financial Group upped their target price on shares of Atlassian from $240.00 to $280.00 and gave the stock a “buy” rating in a report on Friday. Nine analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, Atlassian has an average rating of “Moderate Buy” and an average target price of $243.16.

Insider Buying and Selling

In other Atlassian news, CEO Scott Farquhar sold 7,948 shares of the business’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $140.54, for a total value of $1,117,011.92. Following the transaction, the chief executive officer now directly owns 294,076 shares in the company, valued at $41,329,441.04. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Atlassian news, President Anutthara Bharadwaj sold 760 shares of the stock in a transaction on Friday, October 18th. The stock was sold at an average price of $188.79, for a total transaction of $143,480.40. Following the completion of the transaction, the president now directly owns 228,996 shares of the company’s stock, valued at approximately $43,232,154.84. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Scott Farquhar sold 7,948 shares of the business’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $140.54, for a total value of $1,117,011.92. Following the completion of the sale, the chief executive officer now owns 294,076 shares in the company, valued at approximately $41,329,441.04. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 230,185 shares of company stock worth $39,155,661. Insiders own 38.55% of the company’s stock.

Hedge Funds Weigh In On Atlassian

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Asset Dedication LLC lifted its stake in shares of Atlassian by 229.8% during the 2nd quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock valued at $27,000 after buying an additional 108 shares in the last quarter. Trust Co. of Vermont raised its holdings in Atlassian by 2,175.0% during the 2nd quarter. Trust Co. of Vermont now owns 182 shares of the technology company’s stock valued at $32,000 after acquiring an additional 174 shares during the period. Rothschild Investment LLC purchased a new stake in shares of Atlassian during the second quarter worth $36,000. GAMMA Investing LLC boosted its holdings in shares of Atlassian by 68.6% in the third quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock worth $37,000 after acquiring an additional 96 shares during the period. Finally, Edmond DE Rothschild Holding S.A. purchased a new position in shares of Atlassian in the first quarter valued at $40,000. Institutional investors own 93.03% of the company’s stock.

Atlassian Stock Performance

The business has a 50 day moving average of $173.30 and a 200-day moving average of $171.30. The company has a market capitalization of $58.34 billion, a P/E ratio of -147.60 and a beta of 0.71. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.18 and a current ratio of 1.18.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings results on Thursday, August 1st. The technology company reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.07. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.38%. The firm had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.13 billion. During the same period in the prior year, the firm posted ($0.21) earnings per share. The company’s revenue for the quarter was up 20.5% on a year-over-year basis. On average, sell-side analysts predict that Atlassian Co. will post -0.58 EPS for the current fiscal year.

About Atlassian

Atlassian Corporation, through its subsidiaries, designs, develops, licenses, and maintains various software products worldwide. Its product portfolio includes Jira Software and Jira Work Management, a project management system that connects technical and business teams so they can better plan, organize, track and manage their work and projects; Confluence, a connected workspace that organizes knowledge across all teams to move work forward; and Trello, a collaboration and organization product that captures and adds structure to fluid and fast-forming work for teams.